SINGAPORE (Feb 9): Boustead Projects reported a 19% rise in 3Q17 earnings to $8.5 million from $7.2 million a year ago on lower selling and distribution, administrative, finance and income tax expenses.
Revenue for the three months ended Dec fell 22% to $66.6 million due to a 24% fall in revenue contribution from the design-and-build business to $58.4 million as 3Q16 registered higher revenue due to two significant projects. Revenue for the leasing business lost 4% to $8.2 million mainly due to the expiry of some leases.
For the nine months ended Dec, Boustead Projects registered revenue of $189.8 million, 3% lower mainly due to lower revenue contribution from the design-and-build business.
However, total profit of $22 million was 26% higher year-on-year due to lower administrative, finance and income tax expenses, combined with higher gross profit mainly due to the writeback of provisions no longer required following the completion of certain projects.
Boustead Projects says it will continue to prudently deploy its cash resources in pursuit of investment and growth opportunities across its various geographic markets.
Shares of Boustead Projects closed 1 cent lower at 74 cents.
